In this episode of "Jump Success is Waiting," Chad Wittfeldt reflects on his entrepreneurial journey, sharing the highs and lows of starting and running businesses. He offers insights on the importance of financial control, valuable lessons from business failures, the global attention economy, the use of virtual assistants, and the significance of building an exitable company. Tune in to discover Chad's journey from challenges to triumphs in the world of entrepreneurship.
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Topic 1: Lack of financial control and oversight in reporting
- Failure to consider important components required for success
- Importance of having tear and tranche components in place
Topic 2: Common pitfall in starting a venture without considering key factors
- Criteria for evaluating opportunities: high ticket, MRR, experience in the field
Topic 3: Speaker's journey in starting their first company
- Paying friends $20 per hour
- Observing people with fulfilled lives and broken homes, making a choice about where they wanted to be
- Starting their first company at 17 years old with little knowledge or experience
- Lack of understanding in building processes, leading a team, acquiring customers, determining price margins, and handling sales
Topic 4: Speaker's second business and lessons learned
- Buying electronics from college students and reselling them on eBay
- Making a six-figure income
- Not outgrowing themselves
- Failing their first business at age 21, failing their second business at age 23
- Spending four years digging themselves out of the financial situation
- Working 70 hours per week, impacting health and relationships
Topic 5: Global economy of attention and opportunities for growth
- Seeing the world as a global economy of attention
- Opportunities to make money, improve health, and have better relationships
- Virtual assistants (VAs) as a successful tool in a global e...